Guyana Government Seeks Investors To Build, Own Country’s First Oil Refinery By 2025

• The government of Guyana through the Ministry of Natural Resources on Friday issued a Request for Proposals (RFP) from interested companies to design, finance, construct and own the nation’s first refinery.
• The proposed facility will be designed to process 30,000 barrels of oil per day (b/d) and be located on land provided by the government at the mouth of the Berbice River in the vicinity of “Crab Island”. The Government’s RFP said it expects construction to start by the first quarter of 2023 with project completion no later than two years after the start date.
• Importantly, the government said it will provide several incentives to the successful company. Along with the estimated 30 acres of land to be provided, the government said it will also offer generous fiscal incentives for the project including a 10-year tax holiday, supply of feedstock (oil) from the Guyana Government’s share of profit oil at market prices; and access to the domestic market for the sale of refined products if desired.
• The addition of a refinery will help to further reduce the unemployment rate, attract investment and also retain more of the oil revenues in the country thereby fueling stronger economic growth.

(Source: Guyana Chronicles)